Community & Regional Bank and Credit Union Filings

Community & Regional Banks and Credit Unions are required to submit filings online, via the secure DFS Portal.

NOTE: The forms available in the Document Type column are in PDF format.

DFS Portal

To access the DFS Portal, you must have a portal account. Select the button below to log into, or create, your portal account.

DFS Portal

Once your Portal account has been created, you will receive an email with a temporary password to log in. When you first log in, click on Ask for Apps to request access to the CRB Filings application, for the company(ies) you will be filing for. When this is approved, you will be able to access this application in the My Apps menu.

Each company is required to designate one Trusted Source plus one backup, to manage access approvals to this application for the company.

Instructions:

• Create a Portal Account Instructions
• Trusted Source Guide

Questions?

Questions relating to any of the above requirements should be directed to:[email protected]

Laws and Regulatory Information

Bank and Trust Company

• Part 24 of the General Regulations of the Superintendent requires every bank, trust company and stock-form savings bank, except those which are wholly-owned by a bank holding company, single corporation, or by one or more foreign banking or non-banking corporations, must submit an annual report prepared in conformity with generally accepted accounting principles to each of its stockholders at least five days before the institution’s annual meeting. The annual report along with an executed copy of the Part 24 Certification Form must be filed with the New York State Department of Financial Services (Department). Institutions with over 500 stockholders which file annual statements with the Federal Reserve Bank or Federal Deposit Insurance Corporation are exempt from the foregoing requirements, provided they file such annual statement with the Department (without executing the certification). Please also submit to the Department your published report to shareholders. Although institutions owned by holding companies or foreign corporations are not required by regulation to submit a report to this Department, it would be appreciated if they submit any annual report they may prepare and/or any annual report published by their parent.

• Section 122 of the Banking Law requires the Board of Directors of each bank or trust company once in each calendar year to examine or cause a committee of at least three of its members to examine, such bank or trust company to determine its financial condition and to review its investment, loan, and audit and control policies. Particular attention must be paid to loans made to directors and officers and to their interests.

  The directors' examining committee should not include directors who are also officers or employees of the bank or trust company.

  Section 123 of the Banking Law requires that a written report of the examination be presented to the Board of Directors at its next regular meeting after the completion of the examination. The annual report should be completed and submitted to the board no later than June 30, each year.

  The report should be submitted to the Department within fourteen days after presentation to the Board of Directors. Any institution which is unable to comply with this filing deadline should submit a request for an extension, stating the reason for the delay. Failure to comply could result in penalties as provided for in Banking Law Section 44.

  The report may be presented in one of three formats.

  Format X - Large Institutions

  Insured depository institutions with $500 million or more in total assets, which are subject to Part 363 of the Federal Deposit Insurance Corporation's Rules and Regulations (Annual Independent Audits and Reporting Requirements), may determine that these FDIC requirements satisfy the Directors' Examination requirements of Banking Law Section 122. In that case, it will no longer be necessary to follow our guidelines, and we will accept a copy of the FDIC Part 363 Report in satisfaction of the Directors' Examination. However, to comply with Banking Law Section 123, it will be necessary to present the Report, when completed, to your Board at its next regular meeting. In addition, the certification form, signed by each member of the Examining Committee, should accompany the Report when it is submitted to this Department.  

  Format A - Certified Financial Statements

  Banks and trust companies may submit a copy of the certified annual report of examination by a C.P.A., provided:

  1. such report does not contain any major qualifications as to scope;
     • the report is comprehensive, covering balance sheet, income statement, cash flow and changes in shareholders equity, together with related notes;
     • an independent review of asset quality is conducted; and
     • particular attention is given to loans made to directors and officers and their interests.

  The asset quality review must be performed by personnel other than those responsible for the making of loans or the purchasing of securities. This may be done by the C.P.A., the Directors' Examining Committee, or by an independent loan review department. Use of the asset quality review performed by regulatory agency examiners is not acceptable. The asset quality review may be done on a continuous basis throughout the year.

  The following material should be submitted to the Department after presentation to the Board of Directors:

  1. A copy of the C.P.A.'s report of examination, including a copy of any management letter.
  2. A copy of the asset quality review. While no specific forms will be required, the review should use the standard bank examination categories of special mention, substandard, doubtful and loss. As a guide, you may wish to use a format similar to that used by regulatory agency examiners. The report should include comments on country risk exposure, if applicable.
  3. A report of the review of loans to officers and directors and their interests. At a minimum, such report should include the scope of review, a list of exceptions to law, regulation, bank policy, etc., if any, and details of large exposures (that is, greater than five percent of capital stock, surplus and undivided profits), if any. The submission of a list of loans to directors and officers does not meet the requirement unless accompanied by a report of the review made of such loans.
  4. A summary report of all commitments and contingencies similar in form to the corresponding schedule of the Call Report and following instructions issued by the Federal Financial Institutions Examination Council (FFIEC). This report should be accompanied by a description of the scope of review, as well as a statement concerning the committee's evaluation of the risks such commitments and contingencies pose to the bank or trust company. The statement should also indicate whether the Committee has reviewed policies and procedures established by the Board governing such commitments and contingencies, as well as prudential limitations on maximum exposures permitted.
  5. A report on compliance with provisions of the Bank Secrecy Act should encompass a review of accounting and administrative control procedures. This report should include, at a minimum, the scope of review and a list of any exceptions to law or bank policy.
  6. For institutions with trust department operations, a summary of the review of trust activities performed, including specific comments on trust administration, department policies and the competency of management.
  7. The enclosed certification form signed by each member of the Directors' Examining Committee.

  We expect that banks or trust companies choosing Format A would have the report prepared as of year-end annually.

  For banks or trust companies which are subsidiaries of domestic bank holding companies and for which the individual balance sheet of the bank or trust company is not covered by the C.P.A.'s certification, we will accept a C.P.A.'s consolidated report for the holding company (including balance sheet, income statement, cash flow and changes in shareholders equity, together with related notes) provided it is accompanied by a separate balance sheet for the bank or trust company which is attested to by the Directors' Examining Committee.

  Format B - Financial Statements Not Certified

  Before commencing the examination, the Directors' Examining Committee should familiarize itself with the requirements of Section 122 of the Banking Law. The proper completion and submission of the schedules outlined below will result in compliance with the reporting requirements under Section 123. It remains, however, the responsibility of the Examining Committee to develop a scope of examination sufficient in depth and breadth to provide an accurate picture of the institution's financial condition and to cover specific areas as required under Section 122. The committee may retain the assistance of outside auditors and/or the institution's internal auditing staff.

  While it is expected that the examination will be conducted on a surprise basis, without previous knowledge by personnel of the institution, directors are encouraged to choose a date which would coincide with one of the Call Report dates. This should expedite examination procedures and minimize costs. The element of surprise may be retained through a program whereby various offices, departments and phases of business are examined as of different dates.

  The examination should include, at least on a test basis, a physical count and evaluation of assets and collateral, verification of assets and collateral not in the possession of the institution, and reconcilement of balances due from other banking institutions. Consideration should be given to positive verification of loans and collateral and a representative group of deposit balances by direct communication with customers. Assets and liabilities should be reconciled to general ledger controls. If not accomplished by other means between directors' examinations, income and expense accounts should be checked by the Committee to assure that the institution is receiving all income to which it is entitled and that expense charges are properly authorized.

  Except for the questionnaires and certification, there are no prescribed forms for reporting the results of the examination. The following schedules should be included in the report, but the Committee may include additional schedules as found necessary:

  If the institution has a trust department, include any comments arising out of Question 9 on the trust questionnaire.

  If an outside accounting firm participates in the examination, a copy of its report should be included as part of the Committee's report. The accountant should describe the scope of examination and extent to which assets and liabilities were verified, and present suggestions concerning accounting, auditing and operating procedures. If no such supplemental report is presented, the Committee's comments should describe, in reasonably complete detail, the scope of examination and extent to which assets and liabilities were verified.

  Use the Call Report format and follow the instructions issued by the Federal Financial Institutions Examination Council.

  Use the format of a corresponding schedule of the Call Report, and follow the instructions issued by the FFIEC. This report should be accompanied by a description of the scope of review, as well as a statement concerning the Committee's evaluation of the risks such commitments and contingencies pose to the bank or trust company. The statement should also indicate whether the Committee has reviewed the policies and procedures established by the Board governing such commitments and contingencies, as well as the prudential limitations on the maximum exposures permitted.

  Present a summary of classified loans, investments and other assets. The Committee may wish to include a comparison with classifications at prior examinations. Comment upon the adequacy of the reserve for loan losses and other valuation reserves.

  We suggest the use of the same format used in the Call Report, but the Committee is free to use an alternate approach if believed to be more appropriate.

  List all speculative or defaulted security holdings, showing par, book and market values, and appreciation or depreciation.

  Speculative securities are those not in default, in which the investment characteristics are distinctly or predominantly speculative. This category includes all bonds rated below the four highest grades by a majority of those recognized rating services which have assigned a rating to an issue.

  Defaulted securities are those where either principal or interest is due and unpaid.

  Use the standard examination categories of substandard, doubtful, and loss. Larger classified loans (that is, greater than one percent of capital stock, surplus, and undivided profits) should be listed individually with the reason for classification. Consumer installment loans should be evaluated by criteria, and only the aggregate totals classified need to be listed.

  List individually all exceptions to law, regulation, bank policy, etc., and any large exposures to individuals or their interests. Smaller amounts (that is, less than five percent of capital stock, surplus and undivided profits) may be aggregated and only the totals listed. As previously noted, the submission of a listing of director and officer loans without a statement as to scope of review, list of exceptions to law, regulation, bank policy, etc., if any, and details of large exposures, if any, does not meet the reporting requirement.

  Indicate the applicable statute or regulation and the corrective action taken or contemplated.

  Attach completed questionnaire.

  Complete and attach, if applicable.

  Must be signed by each member of the Committee and attached to the report.

  1. Committee's Comments, Findings and Recommendations

     The Committee should state its findings and recommendations, especially with respect to:

     • lending policies, including any policy on loan participations purchased and sold
     • policies regarding past-due, non-accrual or renegotiated loans
     • investment policy, including securities lending policy
     • liquidity
     • asset quality, including country risk exposure
     • overall interest rate sensitivity of assets and liabilities
     • capital adequacy
     • earnings
     • dividend policy 
     • management performance
     • audit and internal control
     • compliance with provisions of the Bank Secrecy Act
  2. Statement of Assets, Liabilities and Capital
  3. Commitments and Contingencies
  4. Summary of Classifications

  5. Recapitulation of Securities

     List aggregate totals showing book and market value and appreciation or depreciation broken down by the following classes:

     • U.S. Treasury
     • U.S. Government agencies and corporations
     • States and political subdivisions
     • Other bonds, notes and debentures
     • Speculative securities (defined below)
     • Defaulted securities (defined below)
     • Corporate stocks (exclude Federal Reserve Bank
     • stock and stock of subsidiaries or affiliates)
  6. Maturity Distribution of Securities
  7. Speculative and Defaulted Securities
  8. Loans and Mortgages Subject to Classification
  9. Other Assets Subject to Classification
  10. Loans to Officers and Directors
  11. Items Considered Not Conforming to Requirements of Law or Regulation
  12. Examining Committee Questionnaire
  13. Trust Department Examination and Questionnaire
  14. Certification
• Section 7015(3) of the Banking Law: each Director, when appointed or elected, take an oath that he or she will, so far as the duty devolves on him or her, diligently and honestly administer the affairs of the corporation and will not knowingly violate or willingly permit to be violated any of the provisions of law applicable to such corporation.
• Section 7015(3) further requires that the oath be subscribed by the director and certified by an officer authorized by law to administer oaths and that the director immediately transmit the oath to the Superintendent. Directors elected for a term exceeding one year are required to submit only one oath which will suffice for the entire term.

Also required are Director’s Affiliations forms to be filed by directors who are elected for the first time and by those who have not filed Director’s Affiliation forms within the last two years.

Savings Bank

• Part 24 of the General Regulations of the Superintendent requires every bank, trust company and stock-form savings bank, except those which are wholly-owned by a bank holding company, single corporation, or by one or more foreign banking or non-banking corporations, must submit an annual report prepared in conformity with generally accepted accounting principles to each of its stockholders at least five days before the institution’s annual meeting. The annual report along with an executed copy of the Part 24 Certification Form must be filed with the New York State Department of Financial Services (Department). Institutions with over 500 stockholders which file annual statements with the Federal Reserve Bank or Federal Deposit Insurance Corporation are exempt from the foregoing requirements, provided they file such annual statement with the Department (without executing the certification). Please also submit to the Department your published report to shareholders. Although institutions owned by holding companies or foreign corporations are not required by regulation to submit a report to this Department, it would be appreciated if they submit any annual report they may prepare and/or any annual report published by their parent.

• Section 254 of the Banking Law requires that once in each calendar year the board of a savings bank, by a committee of not less than three of its number, examine the records and affairs of the savings bank to determine, among other things, its “true financial condition” and whether the “policies of management are sound and consistent with the requirements of law.” The examination must be made not less than six months after the date of the previous examination.

  The committee may not include a member who is an officer or salaried employee of the savings bank, nor an attorney who receives any fee, compensation or emolument for any legal services rendered to the savings bank. However, the board may employ such assistants as it deems necessary.

  An examination report, sworn to by the members of the committee, must be presented to the entire board at a regular meeting within thirty days after completion of the examination. A copy of the report must be submitted to the Superintendent within ten days after the report is submitted to the board.

  A savings bank that is subject to the Annual Independent Audits and Reporting Requirements of Part 363 of the Federal Deposit Insurance Corporation’s Rules and Regulations may determine that these FDIC requirements satisfy the examination requirements of Section 254 of the Banking Law. In that case, the Superintendent will accept a copy of the Part 363 Report in satisfaction of the latter requirements. However, in order to comply with Section 254, it will be necessary for the committee to present the completed report to the entire board at its next scheduled meeting and also to submit a copy of the report to the Superintendent within ten days thereafter.

  For institutions not subject to Part 363 (i.e. those having total assets of less than $500 million at the beginning of the fiscal year), instead of conducting the inquiries into the adequacies of management policies the committee may substitute a certification that the savings bank has an internal audit program which has been approved by the board, that the internal auditor reports directly to the board and that the internal and/or external auditors submit regular reports to the board on the adequacy of the savings bank’s policies, procedures and controls.

• Section 255 of the Banking Law requires that every savings bank on or before the first day of February of each year make a written report to the Superintendent containing a statement of its financial condition as of “the morning of the first day of January.”

  This requirement may be fulfilled by submitting a copy of the FDIC call report as of December 31, together with a letter signed by an officer with the rank of vice president or above affirming under the penalty of perjury that the report is correct.

  In addition, required is a list of leeway investments and a list of subsidiaries indicating the law or regulation under which the subsidiary is organized. 

• Section 7015(3) of the Banking Law requires that each director, when appointed or elected, take an oath that he or she will, so far as the duty devolves on him or her, diligently and honestly administer the affairs of the corporation and will not knowingly violate or willingly permit to be violated any of the provisions of law applicable to such corporation.

  Section 7015(3) further requires that the oath be subscribed by the director and certified by an officer authorized by law to administer oaths and that the director immediately submit the oath to the Superintendent. Directors elected for a term exceeding one year are required to submit only one oath which will suffice for the entire term.

  Also required are Director’s Affiliations forms to be filed by directors who are elected for the first time and by those who have not filed Director’s Affiliation forms within the last two years.

• Part 303.3 of the Superintendent’s Regulations requires that the Department furnish any shareholder or person requesting it the following information regarding a mutual organization:
  1. “the name of each of the three highest paid officers, the title of the office held thereby, the salary (including deferred compensation) paid or to be paid to such officer for the period covered by the statement, and the total annuities, pension or retirement benefit paid or proposed to be paid to such officer, either directly or indirectly, under any existing plan in the event of retirement at normal retirement date;”
  2. “the fee paid a director for attendance at a board or committee meeting, specifying the various committees;”
  3. and “the aggregate fees paid for attendance at such board or committee meetings during the period covered.”
• Section 246(6) of the Banking Law requires every trustee, before entering upon his duties, take an oath that they will diligently and honestly administer the affairs of the savings bank. Such oath shall be subscribed by the trustee making it and certified by an officer authorized by law to administer oaths, and immediately transmitted to the superintendent.
• Section 246(7) of the Banking Law requires that each year, every trustee of a savings bank “…shall subscribe and acknowledge a declaration that he or she has not resigned, become ineligible, or in any other manner vacated his or her office as such trustee.”  Section 246(7) further requires that such declaration be submitted to the Superintendent on or before the first day of March.

MHC of Stock Form Savings Bank

• Declaration of Trustees for a Mutual Holding Company of a Stock Form Savings Bank

  Under Section 293 of the Banking Law, a mutual holding company is generally subject to the requirements applicable to a mutual savings bank.

  Section 246(7) of the Banking Law requires that each year, every trustee of a savings bank “…shall subscribe and acknowledge a declaration that he or she has not resigned, become ineligible, or in any other manner vacated his or her office as such trustee.”  Section 246(7) further requires that such declaration be submitted to the Superintendent on or before the first day of March.

Savings and Loan Association

The committee may not include a member who is a salaried officer or employee of the association.  However, the directors may employ such assistants as they deem necessary.

An examination report, sworn to by the members of the committee, must be presented to the entire board at a regular meeting within thirty days after the completion of the examination. A copy of the report must also be submitted to the Superintendent within ten days after the report is submitted to the board.

In lieu of conducting the inquiry into the adequacies of management policies, if applicable, the committee may substitute a certification that the association has an internal audit program which has been approved by the board, that the internal auditor reports directly to the board, and that the internal and/or external auditors submit regular reports to the board on the adequacy of the association’s policies, procedures and controls.

• Section 404(1) of the Banking Law requires that on or before the first day of February every savings and loan association submit a report to the Superintendent containing a statement of condition as of the first date of January of the current year.

  The association may comply with this requirement by submitting a copy of year-end call report, accompanied by a letter signed by an officer with the rank of vice president or above affirming under penalty of perjury that the report is correct.

  Together with the report, please include a report of leeway investments and a list of subsidiaries indicating the law or regulation under which the subsidiary is organized.

• Section 403 of the Banking Law requires that once in each calendar year the directors of a savings and loan association, by a committee of not less than three of their number, examine fully the records and affairs of the association to determine, among other things, “its true financial condition” and whether “the policies of management are sound and consistent with the requirements of law.”  The examination must be made not less than six months after the date of the previous examination.

  The committee may not include a member who is a salaried officer or employee of the association.  However, the directors may employ such assistants as they deem necessary.

  An examination report, sworn to by the members of the committee, must be presented to the entire board at a regular meeting within thirty days after the completion of the examination. A copy of the report must also be submitted to the Superintendent within ten days after the report is submitted to the board.

  In lieu of conducting the inquiry into the adequacies of management policies, if applicable, the committee may substitute a certification that the association has an internal audit program which has been approved by the board, that the internal auditor reports directly to the board, and that the internal and/or external auditors submit regular reports to the board on the adequacy of the association’s policies, procedures and controls.

• Section 397(4) of the Banking Law requires that before entering upon his or her duties every director of a savings and loan association take an oath that he or she will diligently and honestly administer the affairs of the association and will not knowingly violate or willingly permit to be violated any of the provisions of law applicable to the association. The director shall further swear that he or she is the owner in good faith and in his or her own right of the shares of the association having a book value of not less than two hundred dollars and that the same are not hypothecated or in any way pledged as security for any loan or debt and, if the director has been reelected or reappointed, that such shares were not hypothecated or in any way pledged as security for any loan or debt during his or her previous term. Section 397(4) further requires that the oath be subscribed by the director making it, certified by an officer authorized by law to administer oaths and immediately transmitted to the Superintendent. Directors elected for a term exceeding one year are required to submit only one oath which will suffice for the entire term.
• Also required are director’s affiliation forms to be filed by directors who are elected for the first time and by those who have not filed affiliation forms within the last two years.

• Part 303.3 of the Superintendent’s Regulations requires that the Department furnish any shareholder or person requesting it the following information regarding a mutual organization:

  1. “the name of each of the three highest paid officers, the title of the office held thereby, the salary (including deferred compensation) paid or to be paid to such officer for the period covered by the statement, and the total annuities, pension or retirement benefit paid or proposed to be paid to such officer, either directly or indirectly, under any existing plan in the event of retirement at normal retirement date;”
  2. “the fee paid a director for attendance at a board or committee meeting, specifying the various committees;”
  3. and “the aggregate fees paid for attendance at such board or committee meetings during the period covered.”

  The above information is required by March 31 each calendar year.

Credit Union

• Section 475(2)(d) of the Banking Law requires the supervisory committee, once each fiscal year, at the close of any quarter and not less than six months after the date of the previous such audit, to make an audit of the books and records of the credit union for the period following the most recent audit and to examine fully the business and affairs of the credit union.

  That section further requires a report of the findings, containing a statement of assets and liabilities and a statement of receipts and disbursements, to the Board of Directors. The report must be sworn to by each member of the committee and must be presented at the meeting of the board immediately following the completion of such audit and examination.

  The report must be read at the annual meeting of shareholders and filed with the records of the credit union. A copy must be submitted to the Superintendent within ten days after its presentation to the board.

  Section 469.1 of the Banking Law requires all vacancies in your committee (as well as the board of directors and credit committee) be reported to the Department within ten days after the event.  When the vacancy is filled, the Department is to be provided with the name, address, and occupation of the person elected as well as the name of the person whose place has been filled within ten days of the election.

Safe Deposit Company

• Section 329 of the Banking Law requires the completion of an Annual Report of Condition on the morning of the first day of January each calendar year. The Department so requests that you complete the Report of Income and Reconcilement of Capital Funds for each year ended December 31.
• Section 7015(4) of the Banking Law requires that each director of a safe deposit company, when appointed or elected, take an oath that he or she will, so far as the duty devolves on him or her, diligently and honestly administer the affairs of such corporation and will not knowingly violate or willingly permit to be violated any of the provisions of law applicable to such corporation.
• Section 7015(4) further requires that the oath be subscribed by the director and certified by an officer authorized by law to administer oaths and that the director immediately transmit the oath to the Superintendent.
• Director’s Affiliations forms are to be filed by directors who are elected for the first time and by those who have not filed Director’s Affiliation forms within the last two years.